Need Help Getting Your Mortgage Back on Track? Try Some of These Programs
No matter what caused you to fall behind on your mortgage payments, if those issues are now a thing of the past, you will want to begin to focus on how you can get your payments caught up. If you are not able to make one payment to pay your loan up to date, you might want to consider using one or more of the following mortgage programs. Read through some of the available options so you can begin to consider which might be the best for your particular situation.
Repayment Plans
When your mortgage loan is past due, you might be eligible to take part in a repayment plan program. The lender might require you to submit an initial payment that is equal to two payments or a percentage of the total past due amount. Then, you will be placed into an agreement to pay a set amount every month until the past due payments are caught up.
Loan Modifications
Another option that you might try is loan modification. This can take a few weeks to get set up if you are approved, so it would be best to go ahead and start off with a repayment plan, just in case. This way, should you find that you are not approved for the loan modification, you will have already stopped negative action against your account through the start of a repayment plan. If the loan modification is approved, your loan will automatically be brought current and you may have a different interest rate. If your taxes and insurance were not already escrowed into your loan payment, it might be once the modification is completed.
Debt Counseling Programs
If you have found that you have trouble trying to get a mortgage program set up on your own, you might want to turn to a debt counseling company. They can call your mortgage lender on your behalf and try to get you set up with a plan that makes everyone happy. They might require a small fee for their services.
After considering the home mortgage programs talked about here, you will want to go ahead and get the process started. Contact your mortgage lender to ask them about repayment plans or loan modifications. You can also reach out to a debt counseling company to see if they are able to help you negotiate with your lenders so you can get all of your payments back on track. It might take a little work but you are going to be relieved once your mortgage loan is back up to date and you are no longer going to be plagued by collection calls, letters, and threats of a foreclosure action.
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